Weekly charts (8th July to 12th July) and Market Profile Analysis

Nifty Spot Weekly Profile (8th July to 12th July)
11552 [ 11772 / 11461 ]

Last week’s report ended with ‘the immediate reference for the coming week would be 11797 to 11828 and failure to get above this would mean the PLR (Path of Least Resistance) would be to the downside in the coming week with 11775 again being the level to watch below which it could go for a test of 11706 & 11651

Nifty opened lower this week below the reference of 11797 and gave a drive down on Monday leaving a huge selling tail from 11811 to 11705 ending as a Trend Day down entering in the singles of the 11614 to 11407 it had left on 20th May as it made lows of 11523 which marked the completion of the weekly 1 ATR move down from the negated FA of 11814. The auction continued to probe lower on Tuesday making new lows of 11461 which was just above the 2 ATR objective of the earlier weekly FA of 12000 and confirmed a FA (Failed Auction) there on a daily time frame which indicated that the imbalance to the downside could be ending. (Click here to view the daily profile chart for better understanding) Nifty then made higher lows & higher highs for the next 3 days completing the 1 ATR move of the daily FA at 11586 as it formed a nice ‘b’ shape profile on the weekly with a close around the POC of 11556 which will be on watch the coming week to see if we get a move away from here or continue to form a balance. The weekly Value is 11492-11556-11592.

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Weekly Hypos for Nifty (Spot):

A) Nifty needs to get above 11592-611 for a move to 11640-665 & 11705-719
B) Immediate support is at 11535-503 below which the auction fall to 11461-449 & 11407-393
C) Above 11719, Nifty can probe higher to 11773 & 11811-828
D) Below 11393 lower levels of 11343 & 11308-285 could come into play
E) If 11828 is taken out & sustained, Nifty can have a fresh leg up to 11864-882 & 11937
F) Break of 11285 could bring lower levels of 11254-236 & 11184-172

NF (Weekly Profile)
11544 [ 11770 / 11467 ]

Last week’s report ended with this ‘The Neutral Extreme reference for the coming week would be 11863 to 11808 with immediate resistance at 11840 staying below which the PLR (Path of Least Resistance) would be down

NF opened with a gap down below the Neutral Extreme reference & drove lower on Monday leaving a selling tail from 11710 to 11821. The auction staying below that earlier weekly FA of 11710 was a signal that more downside is coming which happened immediately as NF left 2 extension handles at 11682 & 11665 to give a trend day down as it made a low of 11527. The probe to the downside continued on Tuesday as well as NF made new lows of 11486 but was swiftly rejected & went on to confirm a FA (Failed Auction) there on the daily time frame after which the auction moved higher towards the 1 ATR move of 11612 but got rejected twice from 11594 once on Tuesday & then on Wednesday to leave poor highs which also indicated exhaustion setting up in this probe higher. NF then moved lower breaking below the FA while making new weekly lows at 11467 and attempted to break these lows later but could only make a marginal higher low of 11471 leaving poor lows on the weekly profile where it was setting up a ‘b’ shape. The auction probed higher on Thursday & Friday while making similar lows of 11530 & 11528 as NF made a high of 11642 tagging that trend day VWAP & HVN of 11624 & 11635 where it was met with rejection as it closed around the weekly POC of 11574. This week’s Value is 11493-11574-11592

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BankNifty Spot Weekly ProfileĀ (8th July to 12th July)
31604 [ 31371 / 30346 ]

Last week’s report ended with this ‘On the weekly we have a relatively narrow and a balanced profile with overlapping to higher Value at 31290-31350-31550 so the PLR remains to the upside till the auction stays above 31350

This week BankNifty opened with a gap down exactly at this 31350 level and gave a Open Test Drive down as it left a big selling tail from 31092 to 31475 to make lows of 30536 on Monday as it gave a Trend Day down completing a weekly ATR move in a single day. The auction continued to probe lower on Tuesday open as it dipped by another 200 points making a low of 30346 as it tagged the weekly VPOC of 30360 which seemed to be the objective of this move down from the prominent weekly POC higher of 31350. (Click here to view the daily profile chart for better understanding) BankNifty then started to make a balance making a slow probe to the upside as it made higher highs on the remaining 3 days as it tested the pull back high of 30830 it had made on the trend day hitting 30871 but was swiftly rejected from here in the closing 90 minutes on Friday as it came down by 300 points giving a close at the developing weekly POC of 30600 making a ‘b’ shape profile. The weekly Value is 30505-30600-30730

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Weekly Hypos for BankNifty (Spot):

A) BankNifty needs to sustain above 30625 for a move to 30710-730 / 30800 & 30875-890
B) Staying below 30600, the auction can test 30548-520 / 30451-425 & 30360-335
C) Above 30890, BankNifty can probe higher to 30960-977 / 31040 & 31080-105
D) Below 30335, lower levels of 30265-220 / 30174 & 30100 could come into play
E) If 31105 is taken out, BankNifty could rise to 31160 / 31241-250 & 31323-345
F) Break of 30100 could trigger a move lower to 30025-15 / 29960-930 & 29850-840

BNF (Weekly Profile)
30600 [ 31373 / 30412 ]

Last week’s report ended with this ‘close around the weekly POC leaving a Neutral Centre profile looking set to give a move away from here‘ & BNF opened this week with a gap down of almost 200 points after which it gave a drive lower moving away from previous week’s Value and leaving a big selling tail from 31503 to 31160 on Monday. The auction probed further lower leaving 2 extension handles at 31115 & 31011 which are also seen on the weekly profile along with another zone of singles from 31011 to 30883 which it could not tag the entire week & will be the first resistance zone in the coming week. BNF made lows of 30606 on Monday & followed it with 2 more lower lows on next 2 days at 30451 & 30412 but started to form a balance on Thursday & Friday as it probed higher making higher highs of 30832 & 30849 almost tagging the trend day VWAP of 30857 and like in NF got rejected to fall by 250+ points in the last 90 mins as it closed at 30600 which was also the POC of the weekly ‘b’ profile. The weekly Value is 31416-31464-31640.

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